By: Daniel Benson; Belfiore Real Estate Consulting
According to public record (click here to view the affidavit), MTS Builders LLC (Cullum Homes Entity) closed on the recently approved Mountain Shadows Resort Estates. The subdivision is located within Paradise Valley, specifically at the south east corner of Lincoln Drive and 56th Street. The site has a final recorded plat for 40 – 60’x130’ lots (click here to view the plat map). The transaction closed on June 30, 2014 for $23,000,000 ($575,000 per lot / $9,583 per front foot).
MTS Builders LLC put down $500,000 cash and took out a conventional loan for the remaining balance. Additional public records show MTS Builders took out two deeds of trust in the amount of $26,875,000. The first deed of trust (click here to view the DOT) was with Pacific Coach Inc in the amount of $20,500,000. The second deed of trust (click here to view the DOT) was with L&V Properties II LLC in the amount of $6,375,000.
Cullum also entered into an agreement with the seller to allow future residents of Mountain Shadows Resort Estates club privileges for the western redevelopment portion of the Mountain Shadows Golf Resort (click here to view the agreement).
Rose Law Group President and Founder Jordan Rose adds, “Cullum is a terrific builder for this site. They have the confidence of the Paradise Valley residents as they have built so many quality homes there over the years.”